Hope you Enjoying this Channel by Samuel Kwame Boadu and his SamBoad Team ?🫂
Anonymous Poll
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Will even share it
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The 5 stages of small business growth
Small businesses vary widely from brand to brand. Starting an online lead generation agency is wildly different than opening a brick-and-mortar hair salon. However, all small businesses follow the same five stages of growth.
Knowing these stages can help you anticipate challenges and plan for success no matter what vertical your business specializes in.
🚀 Stage 1: Existence. The first step in starting a business is bringing your idea into existence. In this phase, the owner is often the sole proprietor or has a few employees. Systems and planning are minimal or don’t exist at all.
Main challenges: Obtaining customers, delivering the product and keeping adequate cash flow.
Takeaway: In planning for the challenges of stage one, make plans for who your customers are, how your product will help them, how your product will be delivered and how you will get initial capital to start the business.
🚀 Stage 2: Survival. In the survival stage, the business proves viable. A workable product is drawing in enough customers to allow the business to survive. Systems and operations remain small and simple.
Main challenge: Revenue vs. expenses – can the business do more than break even?
Takeaway: In planning for the challenges of stage two, continue to focus on revenue. See where you can cut operating costs, improve profit margins and plan for scalability.
🚀 Stage 3: Success. At this stage, the business grows to a level that can support itself indefinitely. Profit margins are average or above average. The owner can now decide between two options: 1. Scaling the business for larger growth and success or 2. Stepping back to reclaim time and allow the business to function independently.
Main challenges: Creating systems and processes that allow the business owner to step back or scaling to bigger and bigger proportions.
Takeaway: In planning for stage three, have an idea of your larger goals for the business. This is the stage where major pivotal decisions can be made.
🚀 Stage 4: Takeoff. If you choose to grow your small business rather than take a step back in Stage 3, it can grow into the takeoff stage. This stage involves rapid growth and expansion which, if successful, will take your business from small to big.
Main challenges: Rapid growth requires more complicated business structures. Delegating, managing large teams, maintaining vision and cash are common challenges.
Takeaway: If you plan to grow your business from small to large, it may be helpful to find a business partner with skillsets for large companies if you do not have them already yourself.
🚀 Stage 5: Resource maturity. If a business succeeds past the takeoff phase, it becomes mature. In this phase, leadership is spread across several stakeholders, processes and planning are excellent and the business holds a sizable market share.
Main challenges: A larger size can make pivoting to shifting market demands slower and more difficult.
Takeaway: As a mature business, stay on top of market trends and be willing to make needed changes. Be a lifelong learner.
❓ What stage are you in right now? What knowledge do you lack to move to the next one?
@iamsamboad1
The 5 stages of small business growth
Small businesses vary widely from brand to brand. Starting an online lead generation agency is wildly different than opening a brick-and-mortar hair salon. However, all small businesses follow the same five stages of growth.
Knowing these stages can help you anticipate challenges and plan for success no matter what vertical your business specializes in.
🚀 Stage 1: Existence. The first step in starting a business is bringing your idea into existence. In this phase, the owner is often the sole proprietor or has a few employees. Systems and planning are minimal or don’t exist at all.
Main challenges: Obtaining customers, delivering the product and keeping adequate cash flow.
Takeaway: In planning for the challenges of stage one, make plans for who your customers are, how your product will help them, how your product will be delivered and how you will get initial capital to start the business.
🚀 Stage 2: Survival. In the survival stage, the business proves viable. A workable product is drawing in enough customers to allow the business to survive. Systems and operations remain small and simple.
Main challenge: Revenue vs. expenses – can the business do more than break even?
Takeaway: In planning for the challenges of stage two, continue to focus on revenue. See where you can cut operating costs, improve profit margins and plan for scalability.
🚀 Stage 3: Success. At this stage, the business grows to a level that can support itself indefinitely. Profit margins are average or above average. The owner can now decide between two options: 1. Scaling the business for larger growth and success or 2. Stepping back to reclaim time and allow the business to function independently.
Main challenges: Creating systems and processes that allow the business owner to step back or scaling to bigger and bigger proportions.
Takeaway: In planning for stage three, have an idea of your larger goals for the business. This is the stage where major pivotal decisions can be made.
🚀 Stage 4: Takeoff. If you choose to grow your small business rather than take a step back in Stage 3, it can grow into the takeoff stage. This stage involves rapid growth and expansion which, if successful, will take your business from small to big.
Main challenges: Rapid growth requires more complicated business structures. Delegating, managing large teams, maintaining vision and cash are common challenges.
Takeaway: If you plan to grow your business from small to large, it may be helpful to find a business partner with skillsets for large companies if you do not have them already yourself.
🚀 Stage 5: Resource maturity. If a business succeeds past the takeoff phase, it becomes mature. In this phase, leadership is spread across several stakeholders, processes and planning are excellent and the business holds a sizable market share.
Main challenges: A larger size can make pivoting to shifting market demands slower and more difficult.
Takeaway: As a mature business, stay on top of market trends and be willing to make needed changes. Be a lifelong learner.
❓ What stage are you in right now? What knowledge do you lack to move to the next one?
@iamsamboad1
Unmute this channel to be the first to be notified. It helps you 👊🏾. Don’t Mute 🤐 this Channel
#job
Nolux Ltd is hiring now and looking for the following roles:
•Administrative Assistant
•Production Operator
•Delivery Personnel
•Driver
More Details are on the flyer above..
To apply, complete the form: https://forms.gle/ZHSaSjtK3Bi3LEhM7
NB: Don’t Pay any money when asked to. It’s for FREE
@iamsamboad1
Nolux Ltd is hiring now and looking for the following roles:
•Administrative Assistant
•Production Operator
•Delivery Personnel
•Driver
More Details are on the flyer above..
To apply, complete the form: https://forms.gle/ZHSaSjtK3Bi3LEhM7
NB: Don’t Pay any money when asked to. It’s for FREE
@iamsamboad1
#learnbusiness
Building in public: what is it and why you should try it
The New Year is always a great opportunity to start something new. For example, use a new approach to creating and promoting a business. If you are not yet practicing building in public, then we highly recommend giving it a try.
Building in public is the leading way to get customers for many startups. This strategy has become more popular with founders in recent years and a more competitive acquisition channel. But it still generates really attractive returns on the investment of time and money.
Building in public consists of building a company or product and transparently sharing the behind scenes of how you do it. Founders generally share their wins, struggles, learnings, and business metrics.
This strategy has a series of benefits, here are some of them:
🔥 Helps to get feedback early. You’re building a channel through which you can communicate with support groups and customers who will be happy to provide feedback on your feature ideas, designs, strategies, etc.
🔥 Increases buy-in. People love being heard. When you ask for feedback and apply your users' or potential customers’ comments, their investment in your company increases, as they feel as if they have built a part of it.
🔥 Builds trust. You’ll be building a strong connection with your customers, which increases the chances they help you when you need it, become recurring customers, and recommend your product or service to other people.
🔥 Builds your status as a field expert. If you’re the most public person in your niche, the niche will be immediately associated with you every time someone talks about it.
🔥 Attracts talent and investors. The more exposure your startup gets, the more people interested in joining or investing in it. People like transparency, whether in the workplace or in a portfolio of companies.
❓ Do you follow founders who build in public? Who exactly are you following right now? Why?
@iamsamboad1
Building in public: what is it and why you should try it
The New Year is always a great opportunity to start something new. For example, use a new approach to creating and promoting a business. If you are not yet practicing building in public, then we highly recommend giving it a try.
Building in public is the leading way to get customers for many startups. This strategy has become more popular with founders in recent years and a more competitive acquisition channel. But it still generates really attractive returns on the investment of time and money.
Building in public consists of building a company or product and transparently sharing the behind scenes of how you do it. Founders generally share their wins, struggles, learnings, and business metrics.
This strategy has a series of benefits, here are some of them:
🔥 Helps to get feedback early. You’re building a channel through which you can communicate with support groups and customers who will be happy to provide feedback on your feature ideas, designs, strategies, etc.
🔥 Increases buy-in. People love being heard. When you ask for feedback and apply your users' or potential customers’ comments, their investment in your company increases, as they feel as if they have built a part of it.
🔥 Builds trust. You’ll be building a strong connection with your customers, which increases the chances they help you when you need it, become recurring customers, and recommend your product or service to other people.
🔥 Builds your status as a field expert. If you’re the most public person in your niche, the niche will be immediately associated with you every time someone talks about it.
🔥 Attracts talent and investors. The more exposure your startup gets, the more people interested in joining or investing in it. People like transparency, whether in the workplace or in a portfolio of companies.
❓ Do you follow founders who build in public? Who exactly are you following right now? Why?
@iamsamboad1
#learnbusiness
Why you shouldn’t wait for an amazing startup idea
Many people mistakenly think they will recognize their startup idea as “amazing” as soon as they find the right one. However, the reality is that most ideas only seem amazing in retrospect after a company has already become successful.
For example, imagine you talked to Mark Zuckerberg back in 2004 when he was building Facebook, and he told you about his idea for a social network for university students.
You might think the idea sounded cool and useful for students, but there’s no way you would have predicted how ingrained in our society Facebook would become.
The point is that startups change over time, and your future product or service might look completely different from your idea right now.
It turns out that just sitting down and trying to brainstorm an award-winning startup idea out of nowhere is not the best option. Instead, you can use frameworks to come up with ideas systematically.
❓ What ways of finding business ideas do you know? What criteria should they be based on? Read more on www.samuelboadu.com to come up with an idea but start from somewhere and nurture it
@iamsamboad
Why you shouldn’t wait for an amazing startup idea
Many people mistakenly think they will recognize their startup idea as “amazing” as soon as they find the right one. However, the reality is that most ideas only seem amazing in retrospect after a company has already become successful.
For example, imagine you talked to Mark Zuckerberg back in 2004 when he was building Facebook, and he told you about his idea for a social network for university students.
You might think the idea sounded cool and useful for students, but there’s no way you would have predicted how ingrained in our society Facebook would become.
The point is that startups change over time, and your future product or service might look completely different from your idea right now.
It turns out that just sitting down and trying to brainstorm an award-winning startup idea out of nowhere is not the best option. Instead, you can use frameworks to come up with ideas systematically.
❓ What ways of finding business ideas do you know? What criteria should they be based on? Read more on www.samuelboadu.com to come up with an idea but start from somewhere and nurture it
@iamsamboad
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Will be on Abigail Sena Sosu’s “The Beautiful Game” on Metro TV Ghana at 6PM today to discuss about Digital Marketing in Women’s Football in Ghana. It will be Live on DSTV(Channel 277) & GoTV(Channel170)
#samboad | www.samuelboadu.com
#samboad | www.samuelboadu.com
It's Going to be FREE & more on my WhatsApp Channel. Join Now 👇🏿
https://whatsapp.com/channel/0029VaCrVY4FCCoSJywuCQ26
https://whatsapp.com/channel/0029VaCrVY4FCCoSJywuCQ26
#learnbusiness
How to set a reasonable salary for yourself if you are a business owner 🤔
Unlike in a traditional work environment, as an entrepreneur you’re both the salary-giver and the salary-receiver. How much you put into owner’s compensation is up to you, and this decision will invariably impact the amount of money left to reinvest in your business.
That’s why figuring out your personal finances is a part of the process you can’t skip. Knowing how much you need to live on means you won't have to allocate more than required. Here are some ways you can calculate what your lifestyle really costs:
📱 Use a budgeting app. Start using a budgeting app like Mint or YNAB. By connecting them to your bank accounts and credit cards, you can easily start to see how much you really spend on different things.
👀 Watch your accounts. The best way to get a sense of your spending patterns is to actually look at them. Review your last few months of bank statements. Write out a monthly spending plan that makes sense. You might be up for radical changes, like cutting all spending on restaurants, but if not, be honest with yourself and set a plan you can stick to.
🤑 Account for the unusual. Don’t forget to account for things like irregular expenses (annual payments, etc.) and emergencies, too. Most financial pros will advise that as an entrepreneur, you should have three to six months' salary saved in an emergency fund just in case.
Once you know how much you need to spend in a month to maintain the lifestyle you want, that number can inform the salary you pay yourself.
All of your financial decisions come down to prioritizing, and we're not here to set your priorities. Once you have a full understanding of your personal and business finances, you’ll be able to make more informed decisions about how you want to use your money to achieve your goals.
❓ How do you figure out how much to pay yourself? What's your financial strategy? Do you reinvest profits or take them out to spend? Learn more on www.samuelboadu.com
@iamsamboad1
How to set a reasonable salary for yourself if you are a business owner 🤔
Unlike in a traditional work environment, as an entrepreneur you’re both the salary-giver and the salary-receiver. How much you put into owner’s compensation is up to you, and this decision will invariably impact the amount of money left to reinvest in your business.
That’s why figuring out your personal finances is a part of the process you can’t skip. Knowing how much you need to live on means you won't have to allocate more than required. Here are some ways you can calculate what your lifestyle really costs:
📱 Use a budgeting app. Start using a budgeting app like Mint or YNAB. By connecting them to your bank accounts and credit cards, you can easily start to see how much you really spend on different things.
👀 Watch your accounts. The best way to get a sense of your spending patterns is to actually look at them. Review your last few months of bank statements. Write out a monthly spending plan that makes sense. You might be up for radical changes, like cutting all spending on restaurants, but if not, be honest with yourself and set a plan you can stick to.
🤑 Account for the unusual. Don’t forget to account for things like irregular expenses (annual payments, etc.) and emergencies, too. Most financial pros will advise that as an entrepreneur, you should have three to six months' salary saved in an emergency fund just in case.
Once you know how much you need to spend in a month to maintain the lifestyle you want, that number can inform the salary you pay yourself.
All of your financial decisions come down to prioritizing, and we're not here to set your priorities. Once you have a full understanding of your personal and business finances, you’ll be able to make more informed decisions about how you want to use your money to achieve your goals.
❓ How do you figure out how much to pay yourself? What's your financial strategy? Do you reinvest profits or take them out to spend? Learn more on www.samuelboadu.com
@iamsamboad1
Samuel Kwame Boadu
Kindly Choose the Region you in currently ?
1000 votes and greater accra leads.. Kindly go back to input if you haven’t 🙏🏽
Samuel Kwame Boadu
Hope you Enjoying this Channel by Samuel Kwame Boadu and his SamBoad Team ?🫂
Your feedback here will be good for me .. For us to improve
#learnbusiness
5 common mistakes by first-time startup founders
There is no business without mistakes. Especially if this is your first attempt. You feel free to make decisions, but you don't have enough experience yet not to fail.
Undoubtedly, learning from your mistakes is effective. But you can try to prevent them by studying the experience of your colleagues. Here are the most common ones:
🤦♂️ Hiring full-time employees before product-market-fit. Getting to product-market-fit is the only thing that matters in the early years of your company. Simply put, do you have something that people really love.
Until this point, you will be frantically trying many ideas, sometimes weekly. During this time anyone other than a co-founder will soon get frustrated by the changes of direction and eventually wonder if the compensation they are giving up on elsewhere is worth it.
🤦♂️ Deprioritizing offshore talent. Saving money is crucial in the early days. The biggest expense is labor and given the quality of talent around the world, and tools to collaborate with them, hiring offshore is the best way to save money early on.
Try looking for employees from lower-affluence countries or regions rather than from world centers and big cities. So you can pay less and get the same results.
🤦♂️ Holding on to the first idea far too long. Your first idea is very likely going to fail. This may seem like a gross generalization, especially since you probably just quit a job to launch your startup based on an idea you think is very good.
But success with startups usually comes from insights that no one else has. And they are seldom found in a survey but rather learned through failure. So the key to success is to iterate fast through ideas and get those insights quickly.
🤦♂️ Building a bigger MVP than necessary. Most founders have a grand vision for the solution to a thorny problem. They could create a complete product before finding out people wouldn’t use it.
Developing a mobile app or website needs a lot of resources. Just getting reliable login/ authentication, having useful onboarding, ensuring a responsive layout, etc takes a ton of time and you haven’t even got a feature yet.
Instead, conduct at least a fake-door test: make a landing page with no-code tools, describe your offer, and run ads on it. The number of clicks will show you if it makes sense to work on the idea further.
🤦♂️ Not having a marketing co-founder. The number one thing investors look for in a startup is a high growth, typically 10% month-over-month or more. That’s because it’s an easy signal for product-market-fit and a business that scales.
But getting to high growth is very difficult and requires constant experimentation with new marketing channels and strategies. A marketing co-founder is essential so that he/ she focuses on growth every day and is not distracted by other things.
❓ What mistakes did you make? Learn more on www.samuelboadu.com
@iamsamboad
5 common mistakes by first-time startup founders
There is no business without mistakes. Especially if this is your first attempt. You feel free to make decisions, but you don't have enough experience yet not to fail.
Undoubtedly, learning from your mistakes is effective. But you can try to prevent them by studying the experience of your colleagues. Here are the most common ones:
🤦♂️ Hiring full-time employees before product-market-fit. Getting to product-market-fit is the only thing that matters in the early years of your company. Simply put, do you have something that people really love.
Until this point, you will be frantically trying many ideas, sometimes weekly. During this time anyone other than a co-founder will soon get frustrated by the changes of direction and eventually wonder if the compensation they are giving up on elsewhere is worth it.
🤦♂️ Deprioritizing offshore talent. Saving money is crucial in the early days. The biggest expense is labor and given the quality of talent around the world, and tools to collaborate with them, hiring offshore is the best way to save money early on.
Try looking for employees from lower-affluence countries or regions rather than from world centers and big cities. So you can pay less and get the same results.
🤦♂️ Holding on to the first idea far too long. Your first idea is very likely going to fail. This may seem like a gross generalization, especially since you probably just quit a job to launch your startup based on an idea you think is very good.
But success with startups usually comes from insights that no one else has. And they are seldom found in a survey but rather learned through failure. So the key to success is to iterate fast through ideas and get those insights quickly.
🤦♂️ Building a bigger MVP than necessary. Most founders have a grand vision for the solution to a thorny problem. They could create a complete product before finding out people wouldn’t use it.
Developing a mobile app or website needs a lot of resources. Just getting reliable login/ authentication, having useful onboarding, ensuring a responsive layout, etc takes a ton of time and you haven’t even got a feature yet.
Instead, conduct at least a fake-door test: make a landing page with no-code tools, describe your offer, and run ads on it. The number of clicks will show you if it makes sense to work on the idea further.
🤦♂️ Not having a marketing co-founder. The number one thing investors look for in a startup is a high growth, typically 10% month-over-month or more. That’s because it’s an easy signal for product-market-fit and a business that scales.
But getting to high growth is very difficult and requires constant experimentation with new marketing channels and strategies. A marketing co-founder is essential so that he/ she focuses on growth every day and is not distracted by other things.
❓ What mistakes did you make? Learn more on www.samuelboadu.com
@iamsamboad
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It’s Quick & Effective with Priority Insurance Company Limited
#WeAreOnYourSide | www.priorityinsuranceghana.net